Скачать или смотреть Week 136 Bitcoin Price Forecast

Bitcoin Price Forecast | Week 136 - November has been one of the worst months in Bitcoin’s history in absolute terms. To date, BTC has dropped almost $21K for the month. The last time there was a monthly drop this steep was May 2021. By all accounts, the price action is objectively bearish. Until a proper bottom is formed with reversal above key levels, I’ll be remaining bearish.

For the last month, I’ve been talking about $86K being a key level of support. At the time of this writing, Bitcoin is at $87K. It dipped as low as $80K on Friday before reversing over the weekend.

The next key levels are the mid 70’s that align with the March 2024 high and the April 2025 low. After that the Mid 60’s are aligned with the 200 week moving average and the 50 month moving average. To date, Bitcoin’s 200 week moving average has never decreased and has served as a solid floor for price. We’ll see if that trend continues to hold.

On the daily time frame, there has been a series of lower highs and lower lows since the flash crash on October 10th.

Bitcoin’s price action is not entirely independent from the stock indexes, and the S&P500 and NASDAQ have turned bearish as well. I’ve mentioned that it’s difficult for Bitcoin to perform well when the broader market is in turmoil.

Now that you have institutional buyers in the mix, they can quickly turn into institutional sellers. They don’t have the same “Hold on for dear life” conviction that Bitcoin’s retail investors have.

On that note, the Bitcoin ETF’s have been net sellers since early October after being strong net Buyers since July. It’s interesting to watch their buying and selling patterns because it has a fairly direct relationship with the underlying price.

Time will tell when this market ends up turning around. I’m more than confident of Bitcoin’s long term potential, but for now, the downside sentiment is dominant.

We’ll take it day by day. Week by week.

See you on the moon!

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*Disclaimer:* The content provided in this video represents my personal opinions and analysis and should not be considered financial advice. This video is for educational and entertainment purposes only. Please conduct your own research and consult with a financial professional before making any investment decisions.